Dow set for 200-point drop as Target slides, tech gets hit again
New York (CNBC): US stock index futures pointed to a lower open on Tuesday as a decline in Target shares pressured retailers, while the most popular technology stocks fell again.
At around 7:10 a.m. ET, Dow Jones Industrial Average futures were down 174 points, pointing to a loss of 155.44 at the open. S&P 500 and Nasdaq 100 futures pointed to a negative open too.
Target fell 7.3 percent in the premarket after reporting weaker-than-expected earnings for the previous quarter. The company also posted lighter-than-forecast same-store sales, which is a key metric for retailers.
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The decline sent the SPDR S&P Retail ETF (XRT) down 1.9 percent before the bell. Kohl’s, L Brands and Macy’s — which are also in the XRT — fell 6.6 percent, 6.1 percent and 2.9 percent, respectively.
Futures also fell as members of the popular “FAANG” trade — which is made up of Facebook, Amazon, Apple, Netflix and Alphabet — fell further into bear market. Facebook fell 1.4 percent, while Amazon, Apple and Netflix all dropped at least 2 percent. Alphabet’s stock dipped 1.2 percent.
On Monday, the FAANG members all closed down at least 20 percent from their one-year highs, pressuring the major indexes. The Dow fell nearly 400 points while the S&P 500 and Nasdaq lost 1.7 percent and 3 percent.